Investor Adds to Portfolio and Acquires $14.1M in 1031x Properties

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Ingemanson Enterprises, a local based real estate investment company, acquired three properties totaling $14.1 million as part of a 1031 exchange. After selling a premier development in Incline Village, Nevada, Dean Ingemanson of Ingemanson Enterprises, looked to spread risk and diversify real estate holdings into multiple acquisitions and property types.

Ingemanson Enterprises, through one of its subsidiary companies, acquired two, fully leased office buildings locally and a single-tenant NNN leased retail building in Tempe, Arizona. Kidder Mathews commercial real estate brokers, Kevin Sheehan, Tyler Boyd, and Mike Ciosek, represented the Ingemanson in the transactions.

3330 Data Drive in Rancho Cordova, California was bought for $6.125 million and is 100% occupied by Sedgwick Claims and Golden State Overnight, both on long term leases. Ingemanson saw this as an opportunity to acquire a well-built, stabilized asset with two credit tenants at a cap rate of 7.5% at the time of sale.

2233 Douglas Boulevard in Roseville, California was purchased for $1.75 million. First Foundation Bank is the primary tenant. At the time of closing, a lease was pending with a national credit tenant to fill the lone vacancy. This acquisition will bolster and add to Ingemanson’s existing building at 2237 Douglas Boulevard. Douglas Boulevard is suburban Sacramento’s premier office thoroughfare, and Ingemanson saw this as an opportunity to purchase another piece of irreplaceable real estate.

7850 S. Priest Drive in Tempe, Arizona was acquired for $6.22 million. The retail asset is a single-tenant NNN investment leased to Goodwill on a long-term lease. It is located in the Elliott Plaza Shopping Center in the heart of Tempe. Ingemanson sought the acquisition as a chance to diversify into a different property type and market. Goodwill is a financially strong and stable organization with a good track.

Ingemanson will manage these projects in-house and, with the assistance of Kidder Mathews, will continue to look for additional acquisition opportunities in the future.

About Kidder Mathews
Kidder Mathews is the largest independently owned commercial real estate firm on the West Coast, with 800 real estate professionals and staff in 22 offices in Washington, Oregon, California, Nevada, and Arizona. Kidder Mathews offers a complete range of brokerage, appraisal, property management, consulting, project & construction management, and debt & equity finance services for all property types. The firm performs $9 billion in transactions, manages over 70 million square feet of space, and conducts over 1,600 appraisals annually. For more information, visit kidder.com.

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